Why Beyond Meat Shares Are Falling Today

Beyond Meat Inc BYND is trading significantly lower Thursday after the company announced worse-than-expected third-quarter financial results and issued fourth-quarter guidance below estimates.

Beyond Meat reported a quarterly earnings loss of 87 cents per share, which came in below the estimate for a loss of 39 cents per share. The company reported quarterly revenue of $106.4 million, which came in below the estimate of $109.21 million.

Beyond Meat expects fourth-quarter revenue to be in a range of $85 million to $110 million versus the estimate of $131.6 million.

"Our third quarter results reflect variability as we saw a decline from record net revenues just a quarter ago. Despite current disruptions, we remain focused on rapidly advancing key building blocks of long-term growth," said Ethan Brown, president and CEO of Beyond Meat.

  • Bernstein analyst Alexia Howard downgraded Beyond Meat from an Outperform rating to a Market Perform rating and announced a $100 price target.
  • Credit Suisse analyst Robert Moskow maintained Beyond Meat with an Underperform rating and lowered the price target from $75 to $60.

See Also: 5 Stocks To Watch For November 11, 2021

BYND Price Action: Beyond Meat has traded as high as $221 and as low as $91.55 over a 52-week period.

The stock was down 17.30% at $78.19 at time of publication.

Photo: courtesy of Beyond Meat.

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